SWIFT and the State Bank of Vietnam today held a major industry dialogue to raise awareness and strengthen measures against anti-money laundering (AML) on 16 July, 2007 in Hanoi.
During the joint forum, SWIFT emphasized the importance of enhanced compliance and monitoring of cross-border trade and investment in view of Vietnam’s booming international business and to deliver on its World Trade Organization (WTO) commitments.
“SWIFT is committed to facilitate and support industry collaboration, particularly in the areas of standardization of payment systems and sharing common functions, in order to strengthen local compliance with global anti-money laundering regulations,” said Tracy Lin, SWIFT Country Head, Vietnam.
Vietnam has taken an active role against AML both in the public and private sectors. Today, the State Bank has a committee that oversees AML activities and policies, which is strongly supported by various ministries and government agencies. Major banks have also set up internal committees to manage the risk.
“Anti-money laundering capabilities have become an increasing focus of central banks and regulatory authorities around the world, as economics enable individuals and businesses to undertake more and more cross-border transactions. SWIFT supports the industry with enhanced monitoring of those transactions to fulfil the required oversight,” said Michimaru Onizuka, Business Manager, Banking Market Infrastructure, SWIFT.
SWIFT AML and Reporting solutions include SWIFTNet FIN copying services, FINinform for evolving monitoring needs and FileAct for secured report delivery.
SWIFT is the industry-owned co-operative supplying secure, standardised messaging services and interface software to over 8,000 financial institutions in 208 countries and territories. SWIFT members include banks, broker-dealers and investment managers. The broader SWIFT community also encompasses corporates as well as market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have been reduced over 80%, and system availability approaches 5x9 reliability — 99.999% of uptime.
For more information about this press release, please refer to
www.swift.com.
H.Ly
Vietnamese
